Euro futures drifted lower ahead of central bank meetings.

Euro futures saw a volatile morning session before closing near unchanged at 1.1720 as markets prepared for a data-heavy week featuring central bank meetings from the Fed and the ECB. While neither central bank was expected to alter its primary policy immediately, traders closely monitored the ECB for potential signals regarding sooner-than-anticipated rate hikes. Prices remained in a slow, steady decline since testing the 1.1850 level approximately 10 days prior. Alongside this downward price action, the CVOL index indicated that volatility also trended lower. In positioning, speculators reversed recent trends by adding to their net long positions, shifting away from the net short positioning observed in previous weeks.